Clean Max Enviro Energy Solutions Ltd.

•

cleanmax.comBSE: 544717NSE: CLEANMAX

Market Cap₹ 16,834 Cr.

Current Price

High / Low₹ 1,536 / 727

Stock P/E178.8

Book Value₹ 392

Price to Book1.98

Dividend Yield0.00 %

ROCE6.7 %

ROE2.4 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Renewable Power Projects: 73.2% • Renewable Energy Services: 26.0% • Other Unallocable: 0.8%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Latest quarter profit grew 3102.6% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 48.77x)
Operating margins have improved to 59.1% from 43.7%
Working capital cycle has improved - days down from -142 to -329

CONS

Company has a high debt-to-equity of 2.72x
A large part of profit comes from other income (122.3% of PBT)
Company has a low return on equity of 0.2% over last 3 years
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 7.7%
Interest coverage is weak at 1.2x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	CLEANMAX	1432.30	178.83	16834.07	0.00	551.74	3102.58	8321.56	1767.89	6.69	20.03

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
	374	442	402	422	555	832
	189	189	440	159	290	781
Operating Profit	184	253	-38	263	265	52
OPM %	49.32%	57.27%	-9.46%	62.29%	47.73%	6.20%
	36	50	9	44	82	42
Interest	154	204	0	190	180	0
Depreciation	83	81	83	111	97	115
Profit before Tax	-17	22	-30	6	73	94
Tax %	73.42%	41.15%	43.81%	-230.22%	40.97%	41.30%
Net Profit	0	0	-17	21	45	55
	0.26	2.27	-1.40	2.70	5.31	4.14

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	930	1,390	1,496	1,913	2,212
	555	683	595	782	1,670
Operating Profit	375	706	901	1,131	541
OPM %	40.33%	50.83%	60.25%	59.13%	24.48%
	-58	25	116	165	177
Interest	218	505	665	788	370
Depreciation	118	222	300	380	406
Profit before Tax	-18	5	60	135	144
Tax %	-239.22%	896.32%	67.48%	36.60%	28.67%
Net Profit	-61	-39	19	86	102
EPS	-9.01	-70.44	54.90	8.04	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 0%
Last Year:: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	4	5	12
Minority Interest	258	401	641	885
	1,180	1,784	2,470	4,543
	3,996	5,395	7,455	12,518
Trade Payables	1,119	788	1,295	3,481
	316	479	1,159	1,113
Total Liabilities	6,872	8,851	13,025	22,553
	2,929	6,649	8,060	11,954
Capital Work in Progress	2,682	677	1,913	5,339
	49	93	76	137
	77	40	52	40
	0	252	188	278
Cash & Bank	530	382	1,189	2,288
	605	758	1,547	2,517
Total Assets	6,872	8,851	13,025	22,553

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	942	86	1,404	1,731
Cash from Investing	-3,011	-1,939	-3,617	-5,957
Cash from Financing	2,144	1,789	2,481	5,095
	61	-64	268	869

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Feb 2026	Mar 2026	Jun 2026
	49.48	49.48	49.42
	29.94	29.80	11.21
	15.19	14.75	14.67
Government	0.00	0.00	0.00
	5.40	5.97	24.70

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

ESOP/ESOS/ESPS

2026-09-11 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding Allotment of 17660 Shares.

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Schedule of meet

2026-09-09

Sale or disposal

2026-09-09 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Sale or disposal

2026-09-08

Press Release

2026-09-08 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding a press release dated September 08, 2026, titled Crisil Ratings Assigns CRISIL AA/Stable Corporate Credit Rating to CleanMax Affirms Market Leadership and Prudent Financial Discipline.

2026-09-07

Credit Rating- New

2026-09-07 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Credit Rating- New

2026-09-03

ESOP/ESOS/ESPS

2026-09-03 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding Allotment of 46978 Shares.

2026-08-28

General Updates

2026-08-28 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about General Updates

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Schedule of meet

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for CLEANMAX

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Clean Max Enviro Energy Solutions Ltd.

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Free 5nance Account

Name

ADANIPOWER

209.85

28.39

404689.32

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.30

11.64

323189.88

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

269.10

15.74

250279.25

3.34

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1282.00

118.37

211167.98

0.00

983.00

19.30

4431.00

16.61

9.90

91.24

ADANIENSOL

1373.75

57.55

168003.37

0.00

12365.60

2194.43

97110.80

1324.06

9.71

31.27

TATAPOWER

365.00

30.19

116629.89

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

525.45

48.97

96340.35

0.38

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.30

20.19

76643.62

2.11

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

86.90

120.64

73224.80

0.00

304.84

38.26

1106.86

62.72

3.73

91.95

TORNTPOWER

1298.20

28.15

65416.76

1.54

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

264.25

11.42

36641.87

1.46

436.33

-48.01

4716.75

23.29

11.27

32.83

CLEANMAX

1432.30

178.83

16834.07

0.00

551.74

3102.58

8321.56

1767.89

6.69

20.03

Dec 2024

Mar 2025

Jun 2025

Dec 2025

Mar 2026

Jun 2026

374

442

402

422

555

832

189

440

159

290

781

Operating Profit

184

253

-38

263

265

OPM %

49.32%

57.27%

-9.46%

62.29%

47.73%

6.20%

Interest

154

204

190

180

Depreciation

111

115

Profit before Tax

-17

-30

Tax %

73.42%

41.15%

43.81%

-230.22%

40.97%

41.30%

Net Profit

-17

0.26

2.27

-1.40

2.70

5.31

4.14

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

930

1,390

1,496

1,913

2,212

555

683

595

782

1,670

Operating Profit

375

706

901

1,131

541

OPM %

40.33%

50.83%

60.25%

59.13%

24.48%

-58

116

165

177

Interest

218

505

665

788

370

Depreciation

118

222

300

380

406

Profit before Tax

-18

135

144

Tax %

-239.22%

896.32%

67.48%

36.60%

28.67%

Net Profit

-61

-39

102

EPS

-9.01

-70.44

54.90

8.04

—

Dividend Payout %

0.00%

—

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

258

401

641

885

1,180

1,784

2,470

4,543

3,996

5,395

7,455

12,518

Trade Payables

1,119

788

1,295

3,481

316

479

1,159

1,113

Total Liabilities

6,872

8,851

13,025

22,553

2,929

6,649

8,060

11,954

Capital Work in Progress

2,682

677

1,913

5,339

137

252

188

278

Cash & Bank

530

382

1,189

2,288

605

758

1,547

2,517

Total Assets

6,872

8,851

13,025

22,553

Mar 2023

Mar 2024

Mar 2025

Mar 2026

942

1,404

1,731

Cash from Investing

-3,011

-1,939

-3,617

-5,957

Cash from Financing

2,144

1,789

2,481

5,095

-64

268

869

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Feb 2026

Mar 2026

Jun 2026

49.48

49.42

29.94

29.80

11.21

15.19

14.75

14.67

Government

0.00

5.40

5.97

24.70

Clean Max Enviro Energy Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Clean Max Enviro Energy Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI